Did you know that Wells Fargo recently committed to lending $100 billion to small businesses in the United States by 2018? Industry experts are calling it a growing trend within the big banking industry.
Traditional funding for small businesses have dried up since the recession hit, but banks like Wells Fargo are starting to realized that when it comes to getting the economy back on its feet, supporting the little guys through small business financing is a robust solution.
Alternative lenders like Cash Fund, a leader in small business financing, have continued to step in to fill the void and give these small businesses the support they need. In fact, about two dozen such nonbank lenders collectively doled out about $3 billion in small business loans last year—double the 2012 total, the Wall Street Journal reported earlier this year.
With the Wells Fargo announcement, it appears that many banks are looking to change up their policies when it comes to small business lending—precisely for the reason we’ve remained dedicated to it—because small businesses fuel job creation. In fact, according to a report by Forbes, about 74 percent of job’s in today’s US economy are created by small businesses.
As banks begin to realize the importance of small businesses financing, the lending landscape will change. However, industry experts say that traditional lenders don’t connect with borrowers efficiently. That paired with federal regulation still make small business loans hard to come by.
That’s where CashFund comes in.
We understand that it might be difficult for you to qualify for a loan if you don’t have the best credit score, if you need the money fast, or if your business is only a couple years old. We want your business to thrive anyway, so we’re here to give you an opportunity you might not otherwise have.
Cashfund customers benefit from speed and certainty, and skip the aggravation of going through the traditional banking route.